...........The Government has been trying to force close this yawning gap — it’s become a lot more difficult, not to say expensive, to import gold these days — but foreign investors aren’t impressed. The RBI, for its part, has been trying to make the rupee scarce. It has been progressively flushing out excess reserves from the economy to give the currency more staying power. Bankers say there is an urgent need to raise import duties on costly and non-essential imports such as mobile phones, apples, olive oil, and toys to stem the outflow of dollars. As the RBI on Shahid Bhagat Singh Road in Mumbai and the mandarins at the Finance Ministry in New Delhi’s sandstone-coloured North Block struggle with plans and strategies to stabilise the yo-yoing rupee, middle-class Indians are, now more than ever before, anxiously watching the rupee ticker on TV...........
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